WASHINGTON—The OCC has released its bank supervision operating plan for fiscal year 2020, identifying what each of the agency’s supervisory operating units will focus on for the new federal fiscal year that started Oct. 1.
Overall, as in recent years, the OCC will develop supervisory strategies for cybersecurity and operational resiliency, Bank Secrecy Act/anti-money laundering compliance management, and commercial and retail credit underwriting practices and oversight and control functions, the OCC stated.
This year, the agency will also focus on the effects of changing interest rates on bank activities and risk exposures; preparedness for the Current Expected Credit Loss accounting standard and preparation for the potential phase-out of the London Interbank Offered Rate (LIBOR); as well as technological innovation and implementation, ABA Banking Journal noted.
The 2020 plan does not include a focus from the prior year on monitoring controls and processes for product and service delivery or the implementation of new products and strategic partnerships, ABA Banking Journal added.